Senior Independence Act of 2023

Senior Independence Act of 2023

This bill increases the amount of income that individuals who are younger than their full retirement age may earn without incurring a reduction in their Social Security retirement benefits.

Under current law, retirement benefits are reduced for beneficiaries who are younger than their full retirement age (generally 66-67, depending on year of birth) if their earnings exceed an annual limit. This bill increases the limit ($21,240 in calendar year 2023) to $30,000. Under current law, this limit is adjusted annually for wage inflation.